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The market dynamics of the Extra Virgin Olive Oil (EVOO) industry are influenced by various factors that collectively shape its landscape. One key driver of this market is the growing awareness and preference for healthy dietary choices. As consumers become more health-conscious, they are increasingly turning to EVOO as a preferred cooking and dressing oil due to its perceived health benefits. The rich composition of monounsaturated fats and antioxidants in extra virgin olive oil is believed to contribute to heart health and overall well-being, driving its demand.
Global culinary trends and the rising popularity of Mediterranean cuisine have also played a pivotal role in shaping the market dynamics of EVOO. As consumers explore diverse and exotic flavors, the unique taste profile of extra virgin olive oil has become a sought-after ingredient in various cuisines. The versatility of EVOO, ranging from its use in salad dressings to cooking applications, has further expanded its market reach.
Geographical factors significantly impact the market dynamics of extra virgin olive oil. The Mediterranean region, including countries like Spain, Italy, and Greece, is traditionally known for producing high-quality olive oil. However, changing climate patterns and environmental challenges in these regions can affect olive yields, thereby influencing market supply and prices. Additionally, the emergence of new olive oil-producing regions, such as those in California and Australia, has added complexity to the global market dynamics, creating competition and diversifying sources.
The competitive landscape also plays a crucial role in shaping market dynamics. The presence of both large-scale multinational corporations and smaller, boutique producers creates a diverse market with various product offerings. Brand reputation, quality, and certification standards contribute to the competitive advantage of EVOO producers. The increasing focus on sustainable and organic farming practices further adds to the competitive dynamics, as environmentally conscious consumers seek products that align with their values.
Consumer preferences for premium and authentic products have given rise to the concept of traceability in the extra virgin olive oil market. Traceability ensures that consumers can track the journey of the olive oil from the groves to the bottle, providing transparency about the product's origin and production methods. This trend has not only influenced purchasing decisions but has also prompted producers to invest in quality control measures and certifications, contributing to the overall market dynamics.
Government regulations and trade policies also shape the extra virgin olive oil market. Quality standards, labeling requirements, and certifications imposed by regulatory bodies impact the market entry and competitiveness of producers. Additionally, trade agreements and tariffs can influence the pricing and accessibility of extra virgin olive oil in different regions
Extra Virgin Olive Oil Market Highlights:
Global Extra Virgin Olive Oil Market Overview
The extra virgin olive oil market size was valued at USD 9.5 billion in 2023. The extra virgin olive oil industry is projected to grow from USD 10.08 billion in 2024 to USD 14.41 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.30% during the forecast period (2024 - 2032). The rising demand for olive oil in both the food service and retail sectors, rising health awareness and adoption of healthier lifestyles are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Extra Virgin Olive Oil Market Trends
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Increasing the use of olive oil in personal/ skincare products and pharmaceutical drugs to boost the market growth
Olive oil has antioxidant and anti-inflammatory properties, which benefit skin care. When used on the skin, olive oil removes dead skin cells and other impurities and cleanses, hydrates, and nourishes the hair. Olive oil can decrease acne by killing off the bacteria that cause acne. At the same time, olive oil also moisturizes skin by locking in moisture and hydrating skin, which is expected to increase the demand for olive oil in personal/skincare products, driving the growth of the extra virgin olive oil market revenue.
The increasing interest in home cooking due to rising concerns related to food safety has enhanced the oil sale in Mediterranean countries. For instance, sales in Italy raised by 22% in 2020 compared to the previous year. The re-establishment of oil trade networks is anticipated to fuel the market growth during the forecast period. Furthermore, in emerging economies, such as India, the demand for healthy edible oils surged amidst COVID-19 as olive fruit oil started gaining shelf space in Indian households for re-creating restaurant-like gourmet experiences at home. According to the CEO of Field Fresh Foods, Del Monte and Oleev brands experienced a 30% increase in their sales during 2020, while Cargill's brand Leonardo grew by nearly 15-20% in the last two quarters of 2020, enhancing the market CAGR across the globe in recent years.
However, the market for extra virgin olive oil is growing because people want to live healthier lives and organically do things. People know that MUFAs are good for your health. The extra virgin olive oil market is largely driven by people who care about what they eat. Omega-3 fatty acids are important for the body, which is another reason people want extra virgin olive oil. A big reason why the market is growing is that people are becoming more interested in Mediterranean food. Olive oil is used a lot in Mediterranean food, and people like extra virgin olive oil because of its taste and strength.
Extra Virgin Olive Oil Market Segment Insights
Extra Virgin Olive Oil Category Insights
The extra virgin olive oil market segmentation, based on category, includes organic and conventional. The organic segment held the majority share 2022 of the extra virgin olive oil market revenue due to the growing consumer awareness of olive oil's health benefits. However, conventional is the fastest-growing category over the forecast period due to the increasing demand for nutrient-enriched animal feed has significantly amplified the requirement for conventional olive oil to manufacture high-value animal feed.
Extra Virgin Olive Oil Packaging Insights
The extra virgin olive oil market data has been bifurcated into the packaging, including bottles & jars, cans, and others. The bottles & jars segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is attributed to the increasing demand for beauty products, which positively impacts market growth. However, cans are the fastest-growing category over the forecast period due to the growing demand for canned food.
Figure 1: Extra Virgin Olive Oil Market, by Packaging, 2022 & 2032 (USD Billion)
Source: MRFR Database Secondary Research, Primary Research, and Analyst Review
The extra virgin olive oilmarket data has been bifurcated into the distribution channel, including non-store-based and store-based. The non-store-based segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. This is attributed to the increasing penetration of the internet. However, store-based is the fastest-growing category over the forecast period due to the growing demand to check the product before buying.
Extra Virgin Olive Oil Regional Insights
By Region, the study delivers market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America extra virgin olive oil market accounted for USD 4.35 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is due to the growing interest in healthy oils to prevent lifestyle-related health conditions arising due to the hectic lifestyles of consumers. Studies to prove the beneficial effects of olive fruit oil consumption on health have significantly increased the advancements in the region. Further, the US extra virgin olive oil market held the largest market share, and the Canada extra virgin olive oil market was the fastest-growing market in the North America region.
Further, the prominent countries studied in the market report are: The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: EXTRA VIRGIN OLIVE OIL MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's extra virgin olive oil market accounts for the second-largest market share owing to the region's highest olive tree cultivation and production. Italy and Spain are the primary countries producing and supplying Olea European fruit oil to various countries in other regions. Further, the UK extra virgin olive oil marketheld the largest market share, and the Germany extra virgin olive oil market was the fastest-growing market in the Europe region.
The Asia-Pacific extra virgin olive oil market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the rising awareness of their health benefits and increasing discretionary incomes that enable consumers to spend on healthcare products that promote wellbeing. The rising trend of dining out and trying out Mediterranean cuisine is expected to drive market growth further. Moreover, China extra virgin olive oil marketheld the largest market share, and the India extra virgin olive oil market was the fastest-growing market in the Asia-Pacific region.
Extra Virgin Olive Oil Key Market Players & Competitive Insights
Major market players are spending a huge amount of money on R&D to increase their product lines, which will help the extra virgin olive oil marketgrow even more. Market players are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the extra virgin olive oil industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the extra virgin olive oil industry to benefit clients and expand the market sector. In the extra virgin olive oil market, major players such as Agro Sevilla Group, TheStar Fine Foods - Borges USA, Miguel Gallego SA, and others are working on enhancing the market demand by investing in research and development activities.
PietroCoricelli SpA was founded in 1977. The Company's line of business includes manufacturing vegetable oils. In June 2021, PietroCoricelli, an Umbrian olive fruit oil producer and one of the world's largest and most widely distributed olive fruit oil brands, announced that it would join IBM Food Trust to use blockchain technology to trace its extra-virgin olive fruit oil.
Del Monte Foods, Inc. manufactures and distributes packaged food products. The Company provides canned fruits and vegetables and a wide range of snacks. Del Monte Foods serves customers worldwide. In January 2021, Del Monte Foods, Inc., in India, launched one-liter olive fruit pouches at a competitive price for making healthy edible oil affordable.
Key Companies in the Extra Virgin Olive Oil market include
- Agro Sevilla Group
- TheStar Fine Foods - Borges USA
- Miguel Gallego SA
- DEOLEO
- Nutrinveste SGPS, SA.
- Carapelli Firenze S.p.A, among others
Extra Virgin Olive Oil Industry Developments
February 2022 - Curation Foods, Inc., under its brand O Olive Oil & Vinegars, launched a batch of Olio Nuovo Extra Virgin Olive Oil, a seasonal oil with a fresh and robust flavor.
August 2020 - Orfeu, a firm located in Brazil, announced the launch of a new line of olive fruit oils. The company wants to meet the rising demand for this oil in Brazil and strengthen its market position.
July 2020 - Greek food producer, Odysea, launched a new range of premium extra virgin olive oils to capitalize on the growing demand for premium healthy oils.
Extra Virgin Olive Oil Market Segmentation
Extra Virgin Olive Oil Category Outlook
- Organic
- Conventional
Extra Virgin Olive Oil Packaging Outlook
- Bottles & Jars
- Cans
- Others
Extra Virgin Olive Oil Distribution Channel Outlook
- Store-Based
- Non-Store-Based
Extra Virgin Olive Oil Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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